WBL Corporation posts Q3 net profit of $14.4 million

Mainboard-listed conglomerate WBL Corporation posted a third-quarter net loss of $14.4 million.

The group said this was due to lower sales in its technology division, as its subsidiary Multi-Fineline Electonix (MFlex) posted an operational net attributable loss of $10.4 million.

MFlex, an electronics circuit and components provider, saw its net sales drop 20.2 per cent to $171.2 million.

WBL said MFlex also recorded some non-cash charges the third quarter, "which includes a US$3.1 million charge to reflect a valuation allowance".